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doesn't surprise you a bit that opec does not really want to see oil prices even as high as they are right now wouldn't they be actually interested in having high oil prices therefore higher revenues. well you know dimitri you would have thought so but the concern of the the great wise men of opec in the last couple of years has been to try and shore up its reputation as a reliable supplier a reliable partner if you like if you look at it from opec's point of view their reputation has taken a hammering in asia pacific particularly with the japanese and the koreans who've just been distressed by by the economic impact of the arab spring and the disruption they felt coming their way through the shock the supplies leading from the libyan cuts last year talk constantly of other kinds of disruptions so what opec trying to do right now is talk for the long term five ten fifteen years down the road and they're trying to reassure consumers particularly asian consumers that they're there for the long haul and that they're not interested in seeing higher prices and let's not kid ourselves one
doesn't surprise you a bit that opec does not really want to see oil prices even as high as they are right now wouldn't they be actually interested in having high oil prices therefore higher revenues. well you know dimitri you would have thought so but the concern of the the great wise men of opec in the last couple of years has been to try and shore up its reputation as a reliable supplier a reliable partner if you like if you look at it from opec's point of view their reputation has taken a...
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welcome to the program the chief said opec have knocked back warnings from around the e.u.'s decision to impose an embargo will lead to skyrocketing oil prices the organisation's general secretary says a fair price of a barrel of bread should be about one hundred dollars instead of the current one hundred and twelve dollars that we're seeing right now he adds that the market is very well supplied and to discuss where crude prices are going now joined live by david the global director well it industry research is plats david good to see you so opec says one hundred dollars iran says under fifty who is right. dimitri i think what that tells you is that the oil market as many of your viewers will know is is trapped in a little bit of a channel right now one hundred to one hundred fifty is kind of the conventional wisdom you know a couple of years ago when oil was on its giant rally it touched one hundred fifty ever so briefly before the recession that followed and what's on people's minds including consumers in asia is that if it gets that hundred fifty mark again it could begi
welcome to the program the chief said opec have knocked back warnings from around the e.u.'s decision to impose an embargo will lead to skyrocketing oil prices the organisation's general secretary says a fair price of a barrel of bread should be about one hundred dollars instead of the current one hundred and twelve dollars that we're seeing right now he adds that the market is very well supplied and to discuss where crude prices are going now joined live by david the global director well it...
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we begin with talking about opec opec's problem is that most of those countries in opec cannot afford to sell their oil for less than about let's i'll give you a number eighty to ninety ninety five dollars a barrel if they don't get ninety five dollars a barrel for the oil that they're exporting their countries run national deficits they're there they're in there they're in the red yeah it's an interesting point i want you to hold that thought i will show our viewers a chart of that when we get back so i want to talk a little about the politics behind those oil various environmental when we get back and also nuclear and not more natural gas and all these other alternatives so this is fire and king a gore financials oil and energy expert and we'll be back in a few minutes with him also still ahead we talk a lot about gold and silver on this show but what about industrial metals like copper well we'll have more firing pin on it after the break but first your closing market numbers. well going through the. science technology innovation all the latest developments from around russia we've
we begin with talking about opec opec's problem is that most of those countries in opec cannot afford to sell their oil for less than about let's i'll give you a number eighty to ninety ninety five dollars a barrel if they don't get ninety five dollars a barrel for the oil that they're exporting their countries run national deficits they're there they're in there they're in the red yeah it's an interesting point i want you to hold that thought i will show our viewers a chart of that when we get...
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determines the supply and opec of course has an agenda that agenda is to bank. an enormous amount of money this year and they intend to do that and game theory we call that a focal focal. and their goal is to get as much this year as a guide last year which was an enormous amount of money and so they want to not allow the price to go down if you were in their place you would do exactly the same thing it's not speculation well we'll get back to him just thank you yes i'll get to speculation in a second her what do you think the reasons are and supply and demand is the market out of whack is it reacting to market forces or is it opec just just going to banking itself a time and enormous amount of cash. look i don't disagree with fred but i do think there's something else at play here and that is since two thousand and five oil production worldwide has been flat and besides that global net exports have actually been declining from about forty five and a half million barrels a day to about forty two and a half million barrels a day and that means importers like the
determines the supply and opec of course has an agenda that agenda is to bank. an enormous amount of money this year and they intend to do that and game theory we call that a focal focal. and their goal is to get as much this year as a guide last year which was an enormous amount of money and so they want to not allow the price to go down if you were in their place you would do exactly the same thing it's not speculation well we'll get back to him just thank you yes i'll get to speculation in a...
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quality of life is on the up and up stateside we'll talk about some other economic options and the opec of maple syrup has been wrong millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account. in the u.s. as we watch this fiscal cliff charade it honestly sounds just so much like what we were hearing during the debt ceiling debate of two thousand and eleven when lawmakers were bickering and another ratings agency was threatening to drop the u.s. is aaa credit rating and then it of course did now that was met with much fanfare in the beginning but then not many direct consequences the dollar has strengthened against other currencies the u.s. has borrowed at record low rates since and maybe this whole fiscal cliff saga will play out in the exact same way and if another ratings agency in this case downgrades the u.s. so what won't matter and with events that actually do change the
quality of life is on the up and up stateside we'll talk about some other economic options and the opec of maple syrup has been wrong millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account. in the u.s. as we watch this fiscal cliff charade it honestly sounds just so much like what...
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most countries outside of opec oil fields are producing a maximum of all times to return their investment on their capital so in this sense they cannot really step in to produce extra however they will benefit along with other produce with high oil prices and on that basis russia will benefit. in addition russia is exporting more oil to the far east through a new pipeline to parts of the world which storage is relied heavily on a rainy unoiled and there is a potential the russian oil heading to the far east will gain market share from the iranians and that might be a permanent shift if purchases such as japan korea. and china switched increasingly to take in more russian oil so there might be a permanent benefit from the situation now that higher oil prices is sending markets here higher the my six is also rising above fourteen hundred points getting up for fourteen hundred thirty roubles losing recent gains against the euro though
most countries outside of opec oil fields are producing a maximum of all times to return their investment on their capital so in this sense they cannot really step in to produce extra however they will benefit along with other produce with high oil prices and on that basis russia will benefit. in addition russia is exporting more oil to the far east through a new pipeline to parts of the world which storage is relied heavily on a rainy unoiled and there is a potential the russian oil heading to...
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quality of life is on the up and up state side we'll talk about some other economic options and the opec of maple syrup has been robbed millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account.
quality of life is on the up and up state side we'll talk about some other economic options and the opec of maple syrup has been robbed millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account.
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outages for instance at this moment about one point two one point three million barrels a day from the opec concert is not being brought to the market well i'll tell now we it was about one hundred million barrels a day but let's have a look at what happens in argentina what additional means there are a lot about one to one hundred thousand million bout a hundred thousand barrels a day less put on the market because they have problems with their workers so things can change quite quite quickly and that's why i always tell people ok prices are coming down now that's true but don't think take it for granted that prices will continue to fall so coming back to your question. i don't know about you some since that's on the pin the full cost of food that you just mentioned but i think it's always so that there is a certain volatility and crisis but a buck is the oil price of a hundred dollars sustainable for industrial economies to keep growing doesn't this price contribute to a slowdown in growth. the problem is that if prices are on the high level for longer periods and that has been happening
outages for instance at this moment about one point two one point three million barrels a day from the opec concert is not being brought to the market well i'll tell now we it was about one hundred million barrels a day but let's have a look at what happens in argentina what additional means there are a lot about one to one hundred thousand million bout a hundred thousand barrels a day less put on the market because they have problems with their workers so things can change quite quite quickly...
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it's like opec what is opec well it's the oil producing countries when the fed then has the ability to issue money and to affect interest rates that interest rates all of these things and yet when i've suggested or when people have suggested that it is acting to support the banks that i've argued with people about that some people would be calling you know conspiratorial for suggesting that it's not obviously the fed's official mandate though how do we know that and and how does that work exactly did you know lloyd blankfein pick up the phone and tell bernanke you did jump and he says how high. well bernanke doesn't really set the policies remember he's working for the banks isn't me is the chairman of the federal reserve and the federal reserve is a cartel back over that track again and so bernanke he doesn't really determine these policies before he announces something he's on the phone talking to his employers the banks say and how do you may know that is for the banks of the banks and so forth just follow the money that's the old adage isn't that if you want to know what's going
it's like opec what is opec well it's the oil producing countries when the fed then has the ability to issue money and to affect interest rates that interest rates all of these things and yet when i've suggested or when people have suggested that it is acting to support the banks that i've argued with people about that some people would be calling you know conspiratorial for suggesting that it's not obviously the fed's official mandate though how do we know that and and how does that work...
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is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later at least change but first the closing market numbers. i. would be soo much brighter than the moon. from the suns to the question. please please don't top teeth don't come. in. all right let's get straight back with our get eric bryan job on one of the daily reckoning because we're going to talk about some ways to possibly hide your bad based on the risks that might be down the line for the west. one thing that they have both done is gone to nicaragua let's bring up a picture we've got one eric for i took this himself oh yeah that's where you go to head your risk that's what i'm about. but in all seriousness guys what really is the opportunity nicaragua besides like a really nice vacation maybe nothing ok all right fair enough but that's not the worst thing it's number one thing it's not the worst thing that's true let's talk about some of the comparisons you've been writing about i'm ok if you want to talk about government debt and the u.s. spent on an opportunity i agree we can bring
is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later at least change but first the closing market numbers. i. would be soo much brighter than the moon. from the suns to the question. please please don't top teeth don't come. in. all right let's get straight back with our get eric bryan job on one of the daily reckoning because we're going to talk about some ways to possibly hide your bad based on the risks that might be down the line for the west....
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is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later in the exchange but first your closing market numbers. good leverage. to build. which doesn't sound anything. to teach creation why it should care about humans and. this is why you should care only. the be. played. i. took. divine power in action activate the chakras. i am just this for me it is we are under the control of those governing us if i were at the service of a space mafia i found that on that date the magnetic fields of the sun will be folks tend to their death will create a discipline that the stuff. after the second coming it will be a futile place it will receive its paradoxical glory. and it will be a beautiful place. full of the best. will stop this type of ammunition. it's good business for us it's kind of like being a doctor you know there's a disaster businesses. better unfortunately. we speak your language not a day in. the music programs and documentaries and spanish matters to you breaking news a little eternity of angles couldn't stories. for you here. to enjoy
is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later in the exchange but first your closing market numbers. good leverage. to build. which doesn't sound anything. to teach creation why it should care about humans and. this is why you should care only. the be. played. i. took. divine power in action activate the chakras. i am just this for me it is we are under the control of those governing us if i were at the service of a space mafia i found that...
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is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later in the exchange but first your closing market numbers. speak your language i mean some of the well you know if there. were music programs and documentaries in spanish more matters to you breaking news a little eternity of angola's stories. for you here. in troy altie spanish to find out more visit i two others. secret laboratory was able to build a most sophisticated robot which fortunately doesn't give a darn about anything tim's mission to teach creation why it should care about humans and world this is why you should care only on the dot com. and. i'm at the. the boy . in the. little blue. illinois. the bank . all right let's go straight back with our guest eric bryant joe bowman of the daily reckoning because we're going to talk about some ways to possibly hide your bets based on the risks that might be down the line for the west. one thing that they have both done is gone to nicaragua let's bring up a picture we've got one character i took this himself oh yeah that's where you go
is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later in the exchange but first your closing market numbers. speak your language i mean some of the well you know if there. were music programs and documentaries in spanish more matters to you breaking news a little eternity of angola's stories. for you here. in troy altie spanish to find out more visit i two others. secret laboratory was able to build a most sophisticated robot which fortunately...
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is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later at least change but first your closing market numbers. well. this month high tech means could help whether it be the latest laser cutters or lifesaving heart rushing innovators are working hard to keep you healthy for some companies it's been a winding road from car simulators to cutting edge training systems for others it's been a lifetime of work along the mysteries of this check it all out on technology are we going to the future. wealthy british style it's time to write. that is not the. markets why not scandals. find out what's really happening to the global economy in the guise of report on r g. p is easy to dismiss. you. need. sixty. which brightened. the bounce from the finest impression. least from stock totty dot com. the bad. it got it. baby. all right let's go straight back with our guest eric frye enjoyable and of the daily reckoning because we're going to talk about some ways to possibly hedge your bets based on the risks that might be down the line for the u.s. one thin
is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later at least change but first your closing market numbers. well. this month high tech means could help whether it be the latest laser cutters or lifesaving heart rushing innovators are working hard to keep you healthy for some companies it's been a winding road from car simulators to cutting edge training systems for others it's been a lifetime of work along the mysteries of this check it all out on...
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that's not difficult for opec to do i guess. it's safe to say that saudi arabia is mostly in the paper business and more so then actually in the oil business i think there are a lot more in the paper business much than people realize but i have no proof i would just be very interested in seeing the transactions that go on in that market all right fair enough chris tucker out of time but thanks so much for being on the kaiser report it's been a pleasure max thank you all right that's going to do it for this edition of the kaiser report with me max keiser and stacy herbert my guest chris cook if you want to send me an e-mail please do so at kaiser report r t t v dot are you don't forget to follow me on twitter the next time x. guys are saying by all. i'm. going. to have. to. call. home. longest parties win an overwhelming majority in egypt's first post in the barak elections claiming more than seventy percent of seats in parliament. the. doubts are cast over the arab league's mission in syria with critics questioning the group's i
that's not difficult for opec to do i guess. it's safe to say that saudi arabia is mostly in the paper business and more so then actually in the oil business i think there are a lot more in the paper business much than people realize but i have no proof i would just be very interested in seeing the transactions that go on in that market all right fair enough chris tucker out of time but thanks so much for being on the kaiser report it's been a pleasure max thank you all right that's going to do...
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lightly after that the opec meeting in vienna right now underway could affect. production quotas at the same time credit suisse has been saying that the price of bread could force around fifty dollars per barrel by the end of the year and that's only if the escalation of the year's own crisis takes the worst scenario and interview to the telegraph newspaper the bags and the said that the current global imbalances even worse than those seen in two thousand and eight just remind you back then the price of brant fell from one hundred forty five dollars to below forty dollars in just six months. but we've also talked earlier to two relations capital in london they say that this scenario is highly unlikely. we have seen oil at fifty dollar level it's not the broadway out of the possibilities but i find it difficult imagining that anyone in you know what's an existing supply demand environment would be taking fifty dollars a barrel as their base case. you know the spare capacity is still very limited it is it is at the end of the day is going to be it they haven't but
lightly after that the opec meeting in vienna right now underway could affect. production quotas at the same time credit suisse has been saying that the price of bread could force around fifty dollars per barrel by the end of the year and that's only if the escalation of the year's own crisis takes the worst scenario and interview to the telegraph newspaper the bags and the said that the current global imbalances even worse than those seen in two thousand and eight just remind you back then the...
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that's not difficult for opec to do i guess it's safe to say that saudi arabia is mostly in the paper business and more so then actually in the oil business i think there are a lot more in the paper business marks than people realize but i have no proof i would just be very interested in seeing the transactions that go on in that market all right fair enough chris tucker out of time but thanks so much for being on the kaiser report it's been a pleasure max thank you and that's going to do it for this edition of the kaiser report with me max kaiser and stacey herbert our thank my guests chris cook if you want to send me an e-mail please do so at kaiser report r t t v dot are you don't forget to follow me on twitter so next time x. guys are saying by all. will. technology innovation all these developments around russia we've got the future covered. with the blood still flowing and a body count growing the arab leader board only wants to carry on monitoring in syria despite being slammed for being totally ineffective. silenced and thrown out of iran as english language press t.v. news pr
that's not difficult for opec to do i guess it's safe to say that saudi arabia is mostly in the paper business and more so then actually in the oil business i think there are a lot more in the paper business marks than people realize but i have no proof i would just be very interested in seeing the transactions that go on in that market all right fair enough chris tucker out of time but thanks so much for being on the kaiser report it's been a pleasure max thank you and that's going to do it...
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that's not difficult for opec to do i guess it's safe to say that saudi arabia is mostly in the paper business and more so then actually in the oil business i think there are a lot more in the paper business much than people realize but i have no proof i would just be very interested in seeing the transactions that go on in the market all right fair enough chris tucker out of time but thanks so much for being on the kaiser report it's been a pleasure max thank you and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and we thank my guests chris cook if you want to send me an e-mail please do so at kaiser report r t t v dot are you don't forget to follow me on twitter so next time x. guys are saying by all. islam is when an overwhelming majority of egypt's first parliamentary election since mubarak was deposed the muslim brotherhood takes almost half the votes. the future of the arab league mission in syria caught between those seen the observers present at reduced violence and others criticizing the group for a lack of progress. police c
that's not difficult for opec to do i guess it's safe to say that saudi arabia is mostly in the paper business and more so then actually in the oil business i think there are a lot more in the paper business much than people realize but i have no proof i would just be very interested in seeing the transactions that go on in the market all right fair enough chris tucker out of time but thanks so much for being on the kaiser report it's been a pleasure max thank you and that's going to do it for...
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happened at that moment the market was not as filled supplied as it is now the to produce us especially opec producers they had to have a certain time to step up production they have been stepping approach a production due in the past few months and a lot of hits we're talking about one point five million barrels a day exenatide has been put on the markets and in this way opec producers have been meeting the demands of their customers so that means that the market is better supplied than it was before and there is only a reason for a stock release when there is when there is a serious disruption of supply and that's not the case at this moment. the on i e n e is predicting levy the rise of demand for natural gas in the forseeable future so in this connection i r i would guess that most of the russian businessmen and politicians politicians there in st petersburg are asking you one of the same question does it mean a rise in the price for natural gas on the on the market. well natural gas in our scenarios natural gas will be. being the first to. in the first fuel in the end the global energy
happened at that moment the market was not as filled supplied as it is now the to produce us especially opec producers they had to have a certain time to step up production they have been stepping approach a production due in the past few months and a lot of hits we're talking about one point five million barrels a day exenatide has been put on the markets and in this way opec producers have been meeting the demands of their customers so that means that the market is better supplied than it was...
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an opec meeting a crucial crucial opec meeting in geneva tomorrow when production quotas may be changed in this or that direction action different countries pushing different decisions and over here in russia we've seen the first session of the week off from the positive note with the r.t.s. and the my sixteen around point seven percent the back of high oil prices at the time of the closing of the russian markets and the moving the russian m i six was burbank mostly among banking shares. went up one point eight percent magni the retail chain was the weaker than the market after opposing revenue up around. year and year in may and gazprom was weaker than the market also barely making it into bulls the territories said look at that story russia's government may reduce the planned tax hike for independent gas producers for example nova tech in new rate comes into effect next year has made gas companies frightened to cut investment and exploration as promised turned out to be a potential exception as many believe it's seriously undertaxed. the year world bank has put russia on the front lin
an opec meeting a crucial crucial opec meeting in geneva tomorrow when production quotas may be changed in this or that direction action different countries pushing different decisions and over here in russia we've seen the first session of the week off from the positive note with the r.t.s. and the my sixteen around point seven percent the back of high oil prices at the time of the closing of the russian markets and the moving the russian m i six was burbank mostly among banking shares. went...
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shia divide it's at the center of the arab kurd divide it's at the it's going to be at the center of opec politics very quickly as their oil production continues to ramp up and iraq is going to be a real player inside of opec a point that gets lost on lots of people it's at the center so many in arresting divides in the middle east that we're going to have to pay attention to iraq and i just want to come back to dictator ok other people are calling maliki a dictator you know lots of people in american politics call president obama all kinds of things too that doesn't mean responsible analysts use them you know he's not what lots of people say well and bob you know you to be counterintuitive here a lot of people have said for a long time is that the only way you can rule a country like iraq with all of its different factions and differences is there is a dictator ok that's the nature of the game you know. well you make an interesting point i have a good friend that is in iraq was a general under saddam hussein who came exile in this country and he's he told me many times that the only way
shia divide it's at the center of the arab kurd divide it's at the it's going to be at the center of opec politics very quickly as their oil production continues to ramp up and iraq is going to be a real player inside of opec a point that gets lost on lots of people it's at the center so many in arresting divides in the middle east that we're going to have to pay attention to iraq and i just want to come back to dictator ok other people are calling maliki a dictator you know lots of people in...
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a job in yesterday's session the good old price is now now trading at their lowest level in a month opec meeting on june the fourteenth they're set to discuss production for the second halls of the shia as well and opec account for forty percent of the world's oil production. so we'll have that the prices they are indeed declining are right that not the market's not be back in about fifty minutes gary. thanks for catching. well now i about twenty minutes from now will we gauge the mood among the russian football squad i say you're up for the u.s. twenty twelve clash with hosts president that's the headline stay with us.
a job in yesterday's session the good old price is now now trading at their lowest level in a month opec meeting on june the fourteenth they're set to discuss production for the second halls of the shia as well and opec account for forty percent of the world's oil production. so we'll have that the prices they are indeed declining are right that not the market's not be back in about fifty minutes gary. thanks for catching. well now i about twenty minutes from now will we gauge the mood among...
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had gains on wall street we have the oil prices as well we had the big meeting yesterday between the opec meeting they decided not to change the quota for production in the second half of this year we're monitoring those prices very closely indeed because if they do take another fall that opec has that they may indeed have to intervene but right now they are indeed climbing and it must be said that they account for over forty percent of the world's oil production the very much the heavy weights for the commodity all right carrie next hour have the ability to pull them i said see how they're getting on. very very very crazy. right now the latest cross-talk debate focusing on syria is coming up next in just a few moments of another look at the head hurt. if you're followed up on live from your old one of the. runners are sort of a throwback and archaic part of our law. and it goes back to a time when people would lie down in their forces in the wild west and pick up peace future dates important to mention the sheriff from prosecution on what company may almost feel guilty. when they go out
had gains on wall street we have the oil prices as well we had the big meeting yesterday between the opec meeting they decided not to change the quota for production in the second half of this year we're monitoring those prices very closely indeed because if they do take another fall that opec has that they may indeed have to intervene but right now they are indeed climbing and it must be said that they account for over forty percent of the world's oil production the very much the heavy weights...
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while now the opec meeting has resulted in keeping maintaining production quotas at the same level of thirty million barrels per day which was pretty much expected at the same time credit suisse is forecast of the price of brant for crude to fall to around fifty dollars a barrel by the end of the year but that's only if the escalation of the eurozone crisis takes the worst scenario earlier we talked to the nation's capital in london they say this is highly unlikely. we have seen. well at fifty dollar level it's not the broadway out of the possibilities but i find it difficult imagining that anyone in there you know was an existing supply demand environment would be taking fifty dollars a barrel as their base case assumption. you know that's the spare capacity to still get a limit at it is it is at the end of the day is going to be that of them but by what happens to the demand trends both in china and europe but i mean if you're talking about fifty dollars oil your talking about global broad based economic collapse and i might not be an economist and you know i'm just i'm just an oil
while now the opec meeting has resulted in keeping maintaining production quotas at the same level of thirty million barrels per day which was pretty much expected at the same time credit suisse is forecast of the price of brant for crude to fall to around fifty dollars a barrel by the end of the year but that's only if the escalation of the eurozone crisis takes the worst scenario earlier we talked to the nation's capital in london they say this is highly unlikely. we have seen. well at fifty...